Middle East & Africa

DUBAI: Saudi Arabia's stock market edged down in early trade on Monday because of weak consumer stocks and oil prices, while Egypt pulled back broadly after a rally prompted by announcements of large projects at an investment summit over the weekend.The main Saudi index fell 0.5 percent and food makers Savola Group and Almarai were among the main drags, falling 1.1 and 1.7 percent respectively.Brokerage NBK Capital on Monday reiterated a "hold" recommendation on Almarai as the stock, now at 86.50 riyals, trades above its fair value estimate of 75.00 riyals. Savola is Almarai's biggest shareholder.Meanwhile, the petrochemicals sector slipped 0.2 percent as Brent oil fell towards $54 per barrel on persistent oversupply concerns.Egypt's market fell 1.2 percent in a broad decline, after rising in the two previous sessions as the Cairo government said it had secured tens of billion of dollars in fresh investments at a summit in Sharm ...

DUBAI: Oil's fresh slide may pressure Gulf stock markets on Sunday, while Egypt may rise after Gulf Arab allies pledged a further $12 billion of investments and central bank deposits for Cairo at an international summit. Global oil prices tumbled on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is growing.Brent crude settled near a ...

DUBAI: Gulf stock markets fell in early trade on Sunday after oil prices tumbled again, while Dubai-listed Egyptian firm Orascom Construction rebounded.Brent crude settled near a one-month low below $55 a barrel on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is still growing. Dubai's index fell 1.0 percent as most stocks declined. Bahraini investment ...

NAIROBI: Kenya's main share index fell for an eighth consecutive session on Thursday, with loss-making Mumias Sugar dragging stocks lower as investors were put off by its planned cash call.The shilling closed unchanged.Kenya's stock market has lost ground in every trading session since March 2, when the benchmark NSE20 Index hit a seven year high, and fell again on the day despite the bourse's biggest stock by market capitalisation, Safaricom, scaling an all-time high.Aly Khan ...

DUBAI: Stronger oil and hopes that the government will speed up its housing programme lifted Saudi Arabia's stock market to a four-month high on Thursday, while Egypt rebounded ahead of a long-awaited conference to attract investment. Most Gulf markets were soft. The main Saudi index edged up 0.3 percent to 9,691 points, rising above major technical resistance on its 200-day average of 9,662 points. Another close above that level would confirm a break, suggesting the ...

JOHANNESBURG: South African stocks sank to a one-month low on Wednesday on the back of a wilting local currency and as investors focus on the likelihood of higher interest rates in the United States.Johannesburg's Top-40 index was down 0.7 percent to 45,826 and the All-share shed 0.6 percent to 51,753, the lowest since early February.The local rand currency is trading near 13-year lows against the dollar on the increasing view the Federal Reserve may raise ...

DUBAI: Most Gulf stock markets fell on Wednesday as oil remained volatile, but Saudi Arabia resumed its rally. Egypt's Orascom Construction tumbled in Dubai as Egyptian investors appeared to sell the stock to acquire hard currency. The main Saudi benchmark edged up 0.5 percent on late buying as the price of Brent crude oil rebounded towards $57 per barrel, after hitting a one-month low below $56. The index closed exactly on its 200-day average of ...